Synovus Bank

1790 E Commercial Blvd, Fort Lauderdale, FL 33334

$6,035,000

Cap Rate 5.25%

Views: 184 DOM: 295 Updated: 11.25.24 Posted: 03.01.24 Status: Active 03.01.24

Summary

Price $6,035,000	Built/Renov 2019	Tenant Synovus Bank
Cap Rate 5.25%	Lease Type NN+	Guarantor Corp T and Rated
Size/SF 2,800	Lease Start 09-01-2019	#Units 340
Price/SF $2,155.36	Expiration 10-31-2039	Tenant Type Bank/Financial
NOI $316,800	R. Term 14.10	Ownership Fee Simple
Rent/SF $113.14	Increases 10.0%/5/yrs	Pop 5Mi 287,863
Lot/AC 0.44	Options 3/5yrs/10%	AHHI 5Mi $90,345

Lease Highlights

Synovus Bank has 14 years remaining on their current term with 3 (5-year) options to extend
The lease features 10% rental increases every 5 years and at the beginning of each option
Landlord responsibilities limited to maintaining structure
Moody’s upgraded Synovus outlook to positive and affirms Baa3 credit rating (4/22/2022)

Location Description

Synovus Bank is strategically located at the signalized, hard corner intersection of NE 18th Avenue and Commercial Boulevard, featuring a combined 65,200 vehicles passing by daily. Commercial Blvd is a major retail corridor and is home to many national/credit tenants including ALDI, Publix Supermarket, Ross Dress for Less, Five Below, CVS, and more. Strong surrounding tenant synergy increases...

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Key Features

Signalized intersection
Hard corner intersection
High traffic 50M+ VPD
Top 100 MSA
Income tax free state
Long 15+ yr lease
Favorable NN+ lease
Traded and rated company
Corporate Guarantee
Investment grade tenant

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Links

Synovus Bank Wikipedia Synovus Bank Wikipedia Fort Lauderdale, Florida Zip Code 33334 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Synovus Bank
Guarantor:Corp T and Rated
Company:The Synovus Financial Corporation
# Units:340
Tenant S&P: BBB
Moody’s: Baa3
Stock: NYSE: SNV

About Tenant

The Synovus Financial Corporation, formerly the Columbus Bank and Trust Company, was founded in 1888. Synovus is a financial services company that provides commercial and retail...

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Demographics

	1 Miles	3 Miles	5 Miles
2027 Total Population :	16,854	125,256	304,348
2022 Total Population :	16,991	124,258	299,094
2022 Employed Civilian Pop :	9,945	69,458	155,357
2022 Total Businesses :	2,324	14,795	30,754
2022 Average Household Income :	$ 111,252	$ 116,325	$ 105,436
2022 Total Consumer Spending :	$ 788 M	$ 6001 M	$ 12360 M
2022 Median Age :	48	49	45
2022 Total Households :	8,327	60,276	136,464
2022 Pop Age 25+: Bachelor's Degree :	3,406	23,782	49,933
2022 Average Home Value :	$ 502,061	$ 508,791	$ 472,861

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
E Commercial Blvd	NE 15th Ter	2009	48,000	0.22 mi
NE 18th Ave	NE 52nd St	2008	12,700	0.25 mi
East Commercial Boulevard	NE 20th Ave	2020	37,000	0.26 mi
East Commercial Boulevard	NE 15th Ave	2020	54,000	0.33 mi
Northeast 18th Avenue	NE 52nd Ct	2020	11,200	0.33 mi
NE 45th St	NE 19th Ave	2008	10,500	0.37 mi
NE 5Oth St	NE 22nd Ave	2009	37,500	0.37 mi
Federal Highway	NE 48th St	2020	43,000	0.41 mi
N Federal Hwy	NE 48th St	2008	45,500	0.41 mi
Northeast 45th Street	NE 15th Way	2020	8,400	0.45 mi

Listing Broker

Andrew Fallon

SRS National Net Lease Group

Contact

83 Listings
11245 Views
27 Sold

Patrick Nutt

SRS National Net Lease Group

Contact

262 Listings
30208 Views
93 Sold

Andrew Fallon

Andrew Fallon joined SRS in 2020 as executive managing director for the NNLG, and market leader for the newest office in Washington D.C. His expertise encompasses many areas including net lease brokerage, commercial land brokerage, real estate underwriting, and litigation project management. Prior to joining SRS, Andrew was executive managing director with Calkain Companies where he also served as a member on the Executive Committee. As an annual top producer, he closed nearly $1 billion in net

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Patrick Nutt

Patrick Nutt joined SRS as executive vice president for the National Net Lease Group and market leader in the Fort Lauderdale office in 2019. He leads the Fort Lauderdale office where he is tasked with recruiting and expansion efforts in the region and elevating the SRS brand throughout Florida. Additionally, Patrick Co-heads the National Net Lease Group for SRS, a group of 50 investment sales professionals who in 2020 managed over 500 transactions with an aggregate value of nearly $2 Billion

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